~ntttb ~tates ~cnate WASHINGTON, DC 20510-2101 

The Honorable Thomas E. Perez 

Secretary 

United States Department of Lahor 

200 Constitution Avenue, NW 

Washington, DC 202 10 

Dear Secretary Perez: 

May 12, 2015 

We ·write today to request that the comment period be extended for the Department of 

Labor's (DOL) recently proposed rule, the ·'Definition of the Term 'Fiduciary'; Conflict 

of Interest Rule- Retirement Investment Advice," amendments to exemptions, and 

exemptions (collectively, "exemptions"). 1 Given that the compl.ex rule and its 

exemptions together run 120 pages with another 250 pages of economic analysis, we 

encourage the Department to allow consumers and stakeholders a reasonable opporcuniry 

to review the proposed rule and exemptions by extending the comment period to 120 

days. 

The Department's current proposaJ provides for a 75-day comment period that ends on 

July 6, 20 15.2 This is not an appropriate amount of time. The proposed rule and 

exemptjon:. will have a significant effect on countless working and middle-income 

Americans who have worked and saved so diligentl y to ensure a secure retirement. The 

Department has staled that it will not extend the comment period,3 but bipartisan support 

to extend the deadline is growing.

4 

Previously in 20 I 0, the Department provided consumers and stakeholders with additional 

time to develop informed opinions of and submit comments relating to proposed DOL 

changes to fiduciary standards. The 20 I 0 "fiduciary·· rule was significantly shorter in 

length, but the Department initially provided for a 90-day comment period. 5 Yet, the 

Department is providing only 75 days to review this longer and more complex proposed 

1 Definition of the Term '·Fiduciary•·: Conflict of Interest Rule-Retirement Investment Advice, 80 Fed. Reg, 21928-21960 (proposed 

Apr. 20, 201 Si (to be codified nt 29 C.F.R. Parts 2509 and 2510) Jhcreinafter 2015 Co11j/1c1 of /11/erest Rtdel Exemptions and 

amendments LO exemptions arc c-0dificd at Volume 80 oftl1f Federal R~gister. 

'~ee 2015 Conj/1c1 of /111eres1 Ruic 

' See Melanie Waddell, DOL Not Budging 011 F1duc1ary Rule Comment Peruxi, THINKAOVISOR (Apr. 23, 20 15), 

http:t/www.thinkadv1sor com/20 I S/04123/dol·not-budg1ng-on-fiduciary-rulc-commem-penod 1 See Mark Schoeff, Jr., Democratic senators split.from White //(JUSI' on DOljiduciary role, INVES r:-.teN 11':1·W) (Apr 30, 2015), 

httpJ;www. mves unentne,.,.s, com/nrt1clel20 1504 30/B LOG07 I I S 0439998/demC'Crat1c-senators-spl it-from-wh 1 te-housc-on-dolfidudary-rule. 

'See Ddinition ofth1: Ttrn1 ·'Fiduciary," 75 Fed. Reg. 65263-65278 (proposed Oct. 22. 2010). 
The Honorable Thomas E. Perez 

May 12, 2015 

Page2 

rule. In 2010, the Department stated that it wanted "[t]o ensure that all interested persons 

ha(d] the opportunity to prepare and submit comments on the proposed rule," and 

expanded the proposed rule's comment period by two weeks to give consumers and 

stakeholders a total of 104 days for review. 6 Employee Benefits and Security 

Administration (EBSA) Assistant Secretary Phyllis C. Borzi further commented that "We 

recognize the significance of the proposed rule for plans, participants, beneficiaries and 

many plan service providers and therefore believe the steps we are announcing today 

[including the comment period extension] will ensure broad consideration of all the 

issues and interests in this regulation."7 

The Department's current proposed rule and exemptions implicate the same need for 

thorough consideration of all issues and interests to make sure working and middleincome Americans are not harmed. The newly proposed rule and exemptions would 

significantly alter the retirement landscape for countless Americans with retirement plans 

and/or individual retirement accounts insofar as the rule and exemptions expand fiduciary 

duties owed by investment advisers. 

Therefore, we ask that the Department extend the comment period to 120 days in order to 

afford consumers and stakeholders the best chance to thoroughly review the rule and 

provide informed opinions and comments. 

We appreciate your prompt time and attention to our request, and we look forward to 

staying apprised of further developments. 

\_~~~ 

Lamar Alexander 

Chairman 

Senate Committee on Health, 

Education, Labor, and Pensions 

Sincerely, 

Roy Bl 

Chairman 

Subcommittee on the Departments of 

Labor, Health and Human Services, 

Education, and Related Agencies 

Senate Committee on Appropriations 

6 Press Release, U.S. Dcp't of Labor, US Department of Labor Announces a Public Hearing on Proposed Definition ofFiduciary 

Regulation (Dec. 22, 2010) (emphasis added). 7 fd. 
The Honorable Thomas E. Perez 

May 12, 2015 

Page 3 

Mitch McConnell 

Senate Majority Leader 

Ron Jo s 

Chairman 

Senate Committee on Homeland Security 

& Governmental Affairs 

John Barrasso, M.D. 

United States Senator 

United States Senator 

Bill Cassidy, M.D. 

United States Senator 

~~ Johnny Isakson 

Chairman 

Subcommittee on Employment and 

Workplace Safety 

Senate Committee on Health, 

Education, Labor, and Pensions 

~~United States Senator a.~ 

United States Senator 

Shelley Moore Capito 

United States Senator 

Dan Coats 

United States Senator 
The Honorable Thomas E. Perez 

May 12, 2015 

Page 4 

Susan M. Collins 

United States Senator 

nyn 

United States Senator 

~bf4~ J;IOeVen 

United States Senator 

Bob Corker 

United States Senator 

Tom Cotton 

United States Senator 

United States Senator 

On-in 

United States Senator 

United States Senator 
The Honorable Thomas E. Perez 

May 12, 20 15 

Page 5 

--Z: United States 

kowski ~ 

Senator 

United States Senator 

U

J!t~ nited States Senator 

Marco Rubio 

United States Senator 

United States Senator 

Rand Paul, M.D. 

United States Senator 

United 

~h. States Senator 

M. Michae Rounds 

United States Senator 

Tim Scott 1 

United States Senator 
The Honorable Thomas E. Perez 

May 12, 2015 

Page 6 

Thom Tillis 

United States Senator 

Jerry Moran 

United States Senator